JSW Cement to Hit Markets in August with ₹4,000cr IPO at ₹20,000cr valuation
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After finishing a slew of meetings with institutional investors in road shows, JSW Cement has finalized plans to launch its ₹4,000-crore initial public offering (IPO) in the first week of August, two people with knowledge of the development said.
The company will file an updated red herring prospectus (RHP) with the market regulator by this month-end, the people added on the condition of anonymity. It had filed a draft RHP (DRHP) last August.
'The company's cement capacity stands at more than 20 million tonnes, and based on feedback from investors and bankers, it is likely to target a valuation of around ₹18,000-20,000 crore," one of the persons cited above said.
Domestic and global investment banks such as JM Financial, Axis Capital, Jefferies India, Citigroup Global Markets India, DAM Capital, Goldman Sachs India, Kotak Mahindra Capital Company, and SBI Caps have been mandated to help the company with the IPO raise.
As per the DRHP filed in August with market regulator Sebi (Securities and Exchange Board of India), JSW Cement's IPO will see a combination of fresh issue and offer for sale or OFS. Half of the ₹4,000-crore target will be through issue of fresh shares. Another ₹2,000 crore is planned through the OFS component, in which existing investors AP Asia Opportunistic Holding, Synergy Metals, and SBI are likely to participate.
AP Asia Opportunistic Holdings Pte. Ltd and Synergy Metals Investments Holding Ltd are set to sell shares worth ₹937.5 crore each, while State Bank of India (SBI) plans to divest shares valued at ₹125 crore.
Emailed queries to JSW Cement did not elicit any response till press time.
The company has stated that it will use the fresh proceeds to fund a new integrated cement unit in Nagaur, Rajasthan, repay select borrowings, and also for general corporate purposes.
Having started operations in 2009, JSW Cement is India's fastest-growing cement company by capacity addition. With 20 million tonnes (MT) of capacity, it currently ranks among the top 10 cement manufacturers in the country in terms of installed capacity.
Its existing facilities are located in Vijayanagar (Karnataka), Nandyal (Andhra Pradesh), Salboni (West Bengal), Jajpur (Odisha), and Dolvi (Maharashtra). Additionally, it operates a clinker unit in Odisha through its subsidiary Shiva Cement.
JSW Cement is part of the Sajjan Jindal-promoted JSW Group, which has businesses ranging from steel, energy, infrastructure, defence to automotive, e-commerce, realty, paints and sports.
JSW Cement's consolidated revenues stood at ₹6,114.59 crore as on 31 March 2024, up from ₹5,982.20 crore in FY23, according to data from its DRHP. However, its profit after tax fell to ₹62 crore from ₹104.03 crore over the same period.
The Indian cement market is the second-largest globally and is experiencing significant growth, driven by infrastructure development and urbanization.
The market is projected to reach 5.99 billion tonnes by FY32, exhibiting a CAGR (compounded annual growth rate) of 4.7% during FY24-FY32, according to Indian Brand Equity Foundation or IBEF. Key players include UltraTech Cement, Ambuja Cements, ACC, and JSW Cement, among others.
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